India's Russian Oil Imports Plunge to 310,000 bpd as Urals Premium Fades

Indian refiners have cut Russian crude imports to 310,000 bpd as Urals prices in the Baltic converge with Middle Eastern grades, eroding the discount that made Russian barrels attractive. The shift is driven by economics, not U.S. tariff threats, and is enabled by rebounding Hormuz flows that increase supply of competing crudes. This marks a notable rebalancing of global crude flows, with implications for Russian export revenues and tanker demand.